Are you searching for a reliable way to protect your business, family or assets? Insurance brokers offer a wide range of insurance solutions that can suit your unique needs. These brokers help you understand the insurance products available and can help you navigate the insurance process efficiently.
What is an Insurance Broker?
An insurance broker is a professional who helps clients choose the right insurance policies for their needs. They work for clients, not insurance companies, and are impartial in their recommendations. Insurance brokers provide advice on risk management and arrange policies with insurers on behalf of clients. Unlike insurance agents, brokers do not work for insurance companies and are not tied to any particular company.
Insurance brokers are regulated by state or federal governments, and they are required to hold professional qualifications and licenses. They are also required to act in their clients’ best interests at all times and maintain ethical standards.
How We Determined The Largest Insurance Brokers
In this article, we highlight the top 10 largest insurance brokers around the world. We based our research on the data provided by Business Insurance, an online news and analysis platform that covers the global insurance industry. The data was collected based on 2020 brokerage revenue figures.
The Top 10 Largest Insurance Brokers
Rank |
Insurance Broker |
2020 Brokerage Revenue (USD) |
|---|---|---|
1 |
Marsh & McLennan Companies |
$17.3 billion |
2 |
Aon plc |
$11.9 billion |
3 |
Willis Towers Watson |
$9.5 billion |
4 |
Arthur J. Gallagher & Co. |
$6.0 billion |
5 |
Lockton Companies |
$2.0 billion |
6 |
BB&T Insurance Holdings (Branch Banking & Trust Co.) |
$1.8 billion |
7 |
Hub International Ltd. |
$1.4 billion |
8 |
Mercer LLC |
$1.3 billion |
9 |
Brown & Brown, Inc. |
$1.1 billion |
10 |
BMS Group Ltd. |
$0.9 billion |
Let’s dive deeper into each of these insurance brokers and find out what makes them unique.
1. Marsh & McLennan Companies
Marsh & McLennan Companies is the largest insurance broker in the world, with 2020 brokerage revenue of $17.3 billion. The company operates through four business segments: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Marsh & McLennan Companies specializes in risk management, insurance broking, and advisory services. The company has a presence in over 130 countries and serves clients in various industries, including healthcare, construction, transportation, and retail.
Marsh & McLennan Companies has been recognized for its excellence in risk management and insurance. It is also focused on promoting sustainability and social responsibility. The company is committed to reducing its carbon footprint and supporting community programs through its Marsh & McLennan Global Volunteer Month.
Marsh & McLennan Companies is committed to delivering customer value through innovation and strategic partnerships. The company has partnered with Microsoft to develop solutions to address cybersecurity risks and other emerging threats.
Marsh
Marsh is the insurance broking and risk management segment of Marsh & McLennan Companies. The company provides customized insurance solutions to clients in various industries. Marsh’s services include risk assessment, risk transfer, and risk control. The company has over 30,000 employees in more than 130 countries.
The insurance solutions offered by Marsh include property insurance, liability insurance, employee benefits, and cyber insurance. The company has a strong focus on data and analytics, which helps it develop data-driven solutions for clients. Marsh works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs.
Guy Carpenter
Guy Carpenter is a reinsurance broker and subsidiary of Marsh & McLennan Companies. The company focuses on helping clients manage their reinsurance programs and reduce their overall risk exposure. Guy Carpenter’s services include structuring reinsurance programs, risk modeling, and advisory services.
Guy Carpenter has a global presence and serves clients in various industries, including aviation, energy, and healthcare. The company is committed to innovation and has developed a range of tools and technologies to help clients manage their risks more effectively.
Mercer
Mercer is a human resources consulting firm and another subsidiary of Marsh & McLennan Companies. The company provides consulting services in areas such as talent management, rewards, and global mobility. Mercer also provides investment consulting services to institutional investors.
The insurance solutions offered by Mercer include group life and health insurance, retirement planning, and work-life solutions. Mercer has a strong focus on employee health and well-being and provides wellness programs to help clients reduce healthcare costs and improve employee engagement.
Oliver Wyman
Oliver Wyman is a management consulting firm that specializes in financial services, healthcare, energy, and transportation. The company provides strategic, operational, and organizational consulting services to clients worldwide. Oliver Wyman is committed to innovation and has developed a range of proprietary tools and methodologies to help clients achieve their business objectives.
The insurance solutions offered by Oliver Wyman include risk management, regulatory compliance, and strategy development. The company uses cutting-edge analytics and data-driven insights to help clients manage their risks more effectively and make informed business decisions.
2. Aon plc
Aon plc is the second-largest insurance broker in the world, with 2020 brokerage revenue of $11.9 billion. The company operates through two business segments: Risk, and HR Solutions. Aon specializes in risk management, insurance broking, and human resources consulting. The company has a presence in over 120 countries and serves clients in various industries, including healthcare, financial services, and technology.
Aon is committed to innovation and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has been recognized for its excellence in risk management and insurance broking and has won numerous industry awards over the years.
Risk
The Risk segment of Aon provides customized insurance solutions to clients in various industries. The company’s services include risk assessment, risk transfer, and risk control. Aon has a strong focus on data and analytics and uses cutting-edge technologies to help clients manage their risks more effectively.
The insurance solutions offered by Aon include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs.
HR Solutions
The HR Solutions segment of Aon provides human resources consulting services to clients in various industries. The company’s services include talent acquisition, compensation and benefits, and workforce planning. Aon is committed to helping clients attract and retain top talent and improve employee engagement.
The insurance solutions offered by Aon include group life and health insurance, retirement planning, and work-life solutions. Aon has a strong focus on employee health and well-being and provides wellness programs to help clients reduce healthcare costs and improve employee engagement.
3. Willis Towers Watson
Willis Towers Watson is the third-largest insurance broker in the world, with 2020 brokerage revenue of $9.5 billion. The company operates through two business segments: Human Capital & Benefits, and Corporate Risk & Broking. Willis Towers Watson specializes in risk management, insurance broking, and human resources consulting. The company has a presence in over 140 countries and serves clients in various industries.
Willis Towers Watson is committed to innovation and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
Human Capital & Benefits
The Human Capital & Benefits segment of Willis Towers Watson provides human resources consulting services to clients in various industries. The company’s services include talent acquisition, compensation and benefits, and workforce planning. Willis Towers Watson is committed to helping clients attract and retain top talent and improve employee engagement.
The insurance solutions offered by Willis Towers Watson include group life and health insurance, retirement planning, and work-life solutions. The company has a strong focus on employee health and well-being and provides wellness programs to help clients reduce healthcare costs and improve employee engagement.
Corporate Risk & Broking
The Corporate Risk & Broking segment of Willis Towers Watson provides customized insurance solutions to clients in various industries. The company’s services include risk assessment, risk transfer, and risk control. Willis Towers Watson has a strong focus on data and analytics and uses cutting-edge technologies to help clients manage their risks more effectively.
The insurance solutions offered by Willis Towers Watson include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs.
4. Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. is the fourth-largest insurance broker in the world, with 2020 brokerage revenue of $6.0 billion. The company operates through three business segments: Retail, Wholesale, and Benefits. Arthur J. Gallagher specializes in risk management, insurance broking, and employee benefits consulting. The company has a presence in over 40 countries and serves clients in various industries, including construction, healthcare, and transportation.
Arthur J. Gallagher is committed to providing customized insurance solutions to clients and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
Retail
The Retail segment of Arthur J. Gallagher provides customized insurance solutions to clients in various industries. The company’s services include risk assessment, risk transfer, and risk control. Arthur J. Gallagher has a strong focus on data and analytics and uses cutting-edge technologies to help clients manage their risks more effectively.
The insurance solutions offered by Arthur J. Gallagher include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs.
Wholesale
The Wholesale segment of Arthur J. Gallagher provides specialized insurance solutions to clients in various industries. The company’s services include program design and management, underwriting, and claims handling. Arthur J. Gallagher has a global presence and serves clients in more than 100 countries.
The insurance solutions offered by Arthur J. Gallagher include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs.
Benefits
The Benefits segment of Arthur J. Gallagher provides employee benefits consulting services to clients in various industries. The company’s services include benefits strategy development, compliance, and communications. Arthur J. Gallagher has a strong focus on employee health and well-being and provides wellness programs to help clients reduce healthcare costs and improve employee engagement.
The insurance solutions offered by Arthur J. Gallagher include group life and health insurance, retirement planning, and work-life solutions.
5. Lockton Companies
Lockton Companies is the fifth-largest insurance broker in the world, with 2020 brokerage revenue of $2.0 billion. The company is a privately held insurance brokerage firm that specializes in risk management, insurance broking, and employee benefits consulting. Lockton Companies has a global presence and serves clients in various industries, including aviation, construction, and healthcare.
Lockton Companies is committed to providing customized insurance solutions to clients and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
The insurance solutions offered by Lockton Companies include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs. Lockton Companies also provides risk management consulting services to help clients manage their risks more effectively.
6. BB&T Insurance Holdings (Branch Banking & Trust Co.)
BB&T Insurance Holdings (Branch Banking & Trust Co.) is the sixth-largest insurance broker in the world, with 2020 brokerage revenue of $1.8 billion. The company is a subsidiary of Branch Banking & Trust Co. and provides insurance brokerage services to clients in various industries, including healthcare, construction, and transportation.
BB&T Insurance Holdings is committed to providing customized insurance solutions to clients and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
The insurance solutions offered by BB&T Insurance Holdings include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs. BB&T Insurance Holdings also provides risk management consulting services to help clients manage their risks more effectively.
7. Hub International Ltd.
Hub International Ltd. is the seventh-largest insurance broker in the world, with 2020 brokerage revenue of $1.4 billion. The company is a privately held insurance brokerage firm that specializes in risk management, insurance broking, and employee benefits consulting. Hub International has a global presence and serves clients in various industries, including agriculture, construction, and hospitality.
Hub International is committed to providing customized insurance solutions to clients and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
The insurance solutions offered by Hub International include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs. Hub International also provides risk management consulting services to help clients manage their risks more effectively.
8. Mercer LLC
Mercer LLC is the eighth-largest insurance broker in the world, with 2020 brokerage revenue of $1.3 billion. The company is a subsidiary of Marsh & McLennan Companies and specializes in human resources consulting and employee benefits. Mercer has a global presence and serves clients in various industries, including financial services, healthcare, and retail.
Mercer is committed to helping clients attract and retain top talent and improve employee engagement. The company has developed a range of proprietary tools and technologies to help clients manage their employee benefits programs more effectively.
The insurance solutions offered by Mercer include group life and health insurance, retirement planning, and work-life solutions. Mercer has a strong focus on employee health and well-being and provides wellness programs to help clients reduce healthcare costs and improve employee engagement.
9. Brown & Brown, Inc.
Brown & Brown, Inc. is the ninth-largest insurance broker in the world, with 2020 brokerage revenue of $1.1 billion. The company is a publicly-traded insurance brokerage firm that specializes in risk management and insurance broking. Brown & Brown has a global presence and serves clients in various industries, including technology, construction, and healthcare.
Brown & Brown is committed to providing customized insurance solutions to clients and has developed a range of proprietary tools and technologies to help clients manage their risks more effectively. The company has won numerous industry awards and has been recognized for its excellence in risk management and insurance broking.
The insurance solutions offered by Brown & Brown include property insurance, liability insurance, employee benefits, and cyber insurance. The company works closely with clients to identify their unique risk profiles and develop tailored solutions that meet their needs. Brown & Brown also provides